Notice DIPOP-N02 on Policy Owners' Protection Scheme Returns

MAS Notice DIPOP - N02
21 July 2011
Last revised on 5 March 2020
NOTICE TO POLICY OWNERS’ PROTECTION (“PPF”) SCHEME MEMBERS DEPOSIT INSURANCE AND POLICY OWNERS’ PROTECTION SCHEMES ACT POLICY OWNERS’ PROTECTION SCHEME RETURNS This Notice is issued pursuant to section 84 (1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act (Cap. 77B) [“the Act”]. [MAS Notice DIPOP – N02 (Amendment) 2020] Definitions 2 For the purposes of this Notice, “accounting period” means the period beginning from the commencement of its business in Singapore or 1 January of any year, as the case may be, and ending 31 December of that year. 2A The expressions used in this Notice shall, except where expressly defined in this Notice or where the context otherwise requires, have the same meanings as in the Act or any regulations made thereunder. Submission of Returns 3 Every PPF Scheme member licensed to carry on life business under the Insurance Act (Cap 142) shall submit to the Authority, information on the amount of protected liabilities in respect of its life business as at the end of each accounting period, in the format set out in
Annex A.
4 A PPF Scheme member licensed to carry on general business under the Insurance Act shall submit to the Authority, information on the amount of gross premiums written and protected liabilities in respect of its general business for each accounting period, in the format set out in Annex B. 5 Every PPF Scheme member shall submit the information required in paragraphs 3 and 4 within 4 months, or such other period as may be approved by the Authority, from 31 December of each year. 6 This Notice shall take effect on 21 July 2011.

• Notes on History of Amendments

1. MAS Notice DIPOP - N02 (Amendment) 2019 with effect from 1 April 2019.
2. MAS Notice DIPOP - N02 (Amendment) 2020 with effect from 31 March 2020.

NAME OF PPF SCHEME MEMBER: __________________________________________
ANNEX A - AMOUNT OF PROTECTED LIABILITIES OF LIFE BUSINESS OF PPF SCHEME MEMBER
AS AT _______________
I, [Name of PPF Scheme member], agree that by completing and submitting the information prescribed in this Annex, I consent to the Monetary Authority of Singapore sharing the information with the Singapore Deposit Insurance Corporation Ltd. SINGAPORE INSURANCE FUND/OFFSHORE INSURANCE FUND
Part I - Amount of Protected Liabilities
Description Row No. Participating Fund Non-participating Fund Investment Linked Fund Total Category 1 policies 1 Category 2 policies 2 Category 3 policies 3 Category 4 policies 4 Total (1 to 4) 5
Part II - Amount of Coupon Deposits, Advance Premium Payment and Unclaimed Monies
Description Row No.
Accumulated Value (Inclusive of Interest which has accrued Participating Fund Non-participating Fund Investment Linked Fund Total Coupon deposits 6 Advance premium payment 7 Unclaimed monies 8 Total (6 to 8) 9 Instructions for completion of Annex A

1. Singapore Insurance Fund and Offshore Insurance Fund refers to insurance funds established and maintained under the Insurance Act for Singapore policies and
   Offshore policies as defined in the Insurance Act respectively.
2. The protected liabilities of an insurance fund established and maintained under the Insurance Act shall be calculated in accordance with Third Schedule to the
   Deposit Insurance and Policy Owners' Protection Schemes Act 2011 ("DI-PPF Act").
3. "Category 1 policies", "Category 2 policies", "Category 3 policies" and "Category 4 policies" have the same respective meanings as in Second Schedule to the DI￾PPF Act. Per the meanings in the Second Schedule to the DI-PPF Act, the amounts in ‘Part II – Amount of Coupon Deposits, Advance Premium Payment and
   Unclaimed Monies’ is a subset of the Category 1 policies in ‘Part I – Amount of Protected Liabilities’.

NAME OF PPF SCHEME MEMBER: __________________________________________
ANNEX B - AMOUNT OF GROSS PREMIUMS WRITTEN FOR INSURED POLICIES AND PROTECTED LIABILITIES
OF GENERAL BUSINESS OF PPF SCHEME MEMBER
FROM _______________ TO _______________
I, [Name of PPF Scheme member], agree that by completing and submitting the information prescribed in this Annex, I consent to the Monetary Authority of Singapore sharing the information with the Singapore Deposit Insurance Corporation Ltd. Description Row No. Commercial Motor Work Injury Compensation Act Insurance Personal Accident Health Personal Motor Personal Property Personal Travel Foreign Maid's Insurance Total Gross premiums 1 Net premiums 2 Premium Liabilities (end of period) 3 Gross claims settled 4 Net claims settled 5 Claims Liabilities (end of period) 6 Number of policies 7 Number of new claims incurred 8 Instructions for completion of Annex B 1.A PPF Scheme member shall calculate the premiums liabilities and claims liabilities in accordance with the Insurance (Valuation and Capital) Regulations 2004 and MAS Notice 133 on Notice on Valuation and Capital Framework for Insurers. [MAS Notice DIPOP – N02 (Amendment) 2020] 2.The information provided under the Commercial Motor, Work Injury Compensation Act Insurance and Personal Motor columns shall be the total amount of premiums, claims and liabilities attributable to them. 3.An insurer may provide the premiums, claims and liabilities under the Motor (Third Party Bodily Injury) Act Insurance for the Commercial Motor and the Work Injury Compensation Act Insurance for the Work Injury Compensation Act Insurance using the ratio of (Total Gross claims paid for Act cover/Total Gross Claims Paid) for that line of business.